Chase Investment Counsel Corp Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Chase Investment Counsel Corp bought a new stake in Best Buy Co., Inc. (NYSE:BBY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,209 shares of the technology retailer’s stock, valued at approximately $270,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Asset Management Inc boosted its stake in shares of Best Buy by 62.6% in the fourth quarter. TD Asset Management Inc now owns 127,023 shares of the technology retailer’s stock valued at $9,943,000 after buying an additional 48,912 shares during the period. Focus Financial Network Inc. ADV bought a new stake in shares of Best Buy in the fourth quarter valued at approximately $265,000. Treasurer of the State of North Carolina boosted its stake in shares of Best Buy by 0.9% in the fourth quarter. Treasurer of the State of North Carolina now owns 106,416 shares of the technology retailer’s stock valued at $8,330,000 after buying an additional 916 shares during the period. Dorsey & Whitney Trust CO LLC bought a new stake in shares of Best Buy in the fourth quarter valued at approximately $270,000. Finally, Bank of Nova Scotia lifted its stake in Best Buy by 32.2% during the fourth quarter. Bank of Nova Scotia now owns 25,393 shares of the technology retailer’s stock worth $1,988,000 after purchasing an additional 6,187 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $88.29, for a total transaction of $52,974,000.00. Following the transaction, the chairman now directly owns 14,002,853 shares in the company, valued at approximately $1,236,311,891.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,383,370 shares of company stock worth $122,233,276. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BBY shares. Barclays upped their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Citigroup upped their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Melius Research started coverage on Best Buy in a research note on Monday, September 23rd. They set a “hold” rating and a $100.00 target price for the company. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a research note on Monday, September 23rd. Finally, The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.41.

Best Buy Stock Performance

NYSE BBY opened at $102.26 on Monday. The company has a market capitalization of $22.06 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 2.56 and a beta of 1.46. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The stock has a fifty day simple moving average of $91.31 and a 200 day simple moving average of $84.30. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the prior year, the business posted $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts expect that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 3.68%. Best Buy’s payout ratio is currently 65.85%.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.